M & N Fashion Consulting, Inc Integrated Financial Statements

Assets

=

Liabilities

+

Shareholders Equity

Date

Cash

Accounts Receivable

Prepaid Insurance

Equipment

Accum. Depr. Equip.

Accounts Payable

Unearned Revenue

Capital Stock

Retained Earnings

Income Statement

Statement of Cash Flows

March 1 Balances

$2,500

$6,000

$4,800

$5,000

$2,000

$6,300

$6,300

$2,500

Mar 31 BAL

The following information is for the M & N Fashion Consulting, Inc. M & N Fashion provides consulting services to clients. M&N Fashion has existing balances from Feb. 28, 20Y5. Record the transactions below on the worksheet provided for the month of March 20Y5. Transaction 1: March 1 Issued a loan from the bank for $10,000. Transaction 2: March 2 Purchased equipment for $8,000 on account. Transaction 3: March 5 Received $6,500 cash from the issuance to capital stock to its sole stockholder, Sally, who is the owner of firm. Transaction 4: March 7 Received $4,500 cash from customers for services previously provided that was on account. Transaction 5: March 9 Purchased supplies $3,500 cash. Transaction 6: March 13 Paid $4,000 for the equipment that was purchased on March 2nd Transaction 7: March 15 Performed services for a customer on account, $3,000. Transaction 8: March 20 Paid wages for $1,200. Transaction 9: March 28 Paid $850 to the bank on the loan, of which $200 was interest and the rest was a repayment of the loan. Transaction 10: March 30 Paid dividends of $700 to its shareholder, Sally